Yes you can use your VA Loan to finance a multifamily home to include a duplex, triplex or a fourplex. This is a great way for a veteran or active duty military in San Diego to own a property and have rental income paying down the mortgage at the same time. For instance, on a duplex “2 units on one property”, the owner can live in one and rent out the other. This situation allows the rental income to assist the owner pay off the loan quickly and can give an alternate source of income. It makes for a great future investment property as well.
VA loans allow the rental incomes from unoccupied units to be considered as eligibility for loan. The borrower however will have to prove below two points:
If the property you are considering purchasing is already rented out, only 75% of the verified rent is considered as rental income. If the VA loan is applied for a multifamily property the appraiser will need to send a letter to the VA which determines the fair rental value of the property and only 75% of the determined amount can be counted as rental income.
VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county, since the value of a house depends in part on its location.
The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran's available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.
2020 VA Loan Limits for Multifamily Properties: Duplex, Triplex and Fourplex in San Diego County
If you would like to learn more about using your VA Loan to purchase real estate in San Diego then please contact The Lewis Team today.
Questions about using your VA Loan to purchase real estate in San Diego?
When you’re ready to start your VA Home Search then let us know. Here at The Lewis Team we love helping active duty military and veterans.
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Based on information from California Regional Multiple Listing Service, Inc. as of . This information is for your personal, non-commercial use and may not be used for any purpose other than to identify prospective properties you may be interested in purchasing. Display of MLS data is usually deemed reliable but is NOT guaranteed accurate by the MLS. Buyers are responsible for verifying the accuracy of all information and should investigate the data themselves or retain appropriate professionals. Information from sources other than the Listing Agent may have been included in the MLS data. Unless otherwise specified in writing, Broker/Agent has not and will not verify any information obtained from other sources. The Broker/Agent providing the information contained herein may or may not have been the Listing and/or Selling Agent.
Please contact The Lewis Team to find out if the San Diego real estate you like is 100% approved for a VA Loan 619-656-0655